This story is part of Forbes’ coverage of Philippines’ Richest 2020. See the full list here.
The Philippine government’s decision earlier this year to force the country’s top TV network ABS-CBN off the air hit the fortune of the network’s 90-year-old owner Oscar Lopez, but was a boon to the owners of its biggest rival GMA Network—Felipe Gozon, 80, and his brother-in-law Menardo Jimenez, 87.
Lopez’ net worth fell 48% to $240 million this year after the government failed to renew ABS-CBN’s 25-year free-to-air broadcast license. The network stopped broadcasting May 5, the day after its license expired, sending its shares down as much as 57%. The company was still allowed to launch a free-to-air family entertainment channel in June, and operate its other businesses, such as cable, internet and amusement centers.
Shares of GMA jumped on the news but have since fallen back to pre-stoppage levels. Gozon’s fortune is up 17% to $170 million, although Jimenez’ net worth fell 4% to $125 million, due to some share sales.
After ABS-CBN failed to air one of his 2016 campaign ads, Philippine President Rodrigo Duterte last December vowed to force it off the air. A congressional committee in March began reviewing ABS-CBN’s license renewal application but failed to reach a decision before it expired in May. In July, the committee rejected ABS-CBN’s application, saying it had violated the terms of the license. ABS-CBN didn’t respond to requests for comment but it has publicly denied the allegations. GMA also did not respond to a request for a comment.